Cary Developer Goes Bankrupt

Posted on November 17, 2008
Filed Under Cary, General Business, Real Estate |

MacGregor Development of Cary is seeking bankruptcy protection from creditors. The company listed assets of $23.8 million and consolidated debt of $41.4 million in Chapter 11 documents filed Nov. 14 in U.S. Bankruptcy Court in Wilson. The company has developed some of the area’s biggest residential communities, including the high-end MacGregor Downs golf-club community and the 1,400-home Lochmere neighborhood. MacGregor listed assets including 357 acres in Raleigh, valued at $17.5 million in a May appraisal, 26 acres in elsewhere in Wake County, valued at $3.2 million in a June 2006 appraisal, and a 35 percent interest in 3.7 acres in Raleigh that it valued at $30,000. MacGregor owes $7.7 million to creditors with secured claims and $33.6 million to creditors without collateral backing their claims. SunTrust Bank, owed $4.7 million, is the largest secured creditor, court documents show.